Czech Republic adds Polymarket to unauthorized online gambling blacklist
The Czech Ministry of Finance has added prediction market platform Polymarket to its list of unauthorized online gambling websites. Under Czech law, internet service providers must block access to the platform within 15 days.
According to a press release, the ministry made the decision under the country's Gambling Act, which prohibits operators from offering unlicensed online gambling services to Czech users.
Polymarket allows users to place wagers on the outcomes of various events, including political elections, sporting events, and economic developments. The platform has gained significant popularity in the United States and other markets.
European regulators increase scrutiny of prediction markets
The Czech Republic is far from the first European Union member state to restrict Polymarket's operations. The platform has previously faced regulatory action in France, Germany, Poland, Romania, and Spain.Authorities in several jurisdictions argue that certain prediction market contracts effectively constitute gambling products or fall under financial market regulations.
On July 3, the European Securities and Markets Authority (ESMA) warned that many such products could meet the definition of binary options and may already be subject to existing EU restrictions.
ESMA said companies cannot avoid financial regulation simply by labeling derivatives as "event contracts." Regulators should assess products based on their underlying characteristics rather than their marketing descriptions.
Debate over prediction markets continues worldwide
Restrictions on prediction market platforms are also in place in Australia, Indonesia, and Singapore.In the United States, both Polymarket and its main competitor, Kalshi, remain under close regulatory scrutiny. Several U.S. states argue that the contracts offered by the platforms constitute illegal gambling, while the Commodity Futures Trading Commission (CFTC) treats them as regulated derivative products.
The differing approaches have already resulted in conflicting court decisions and intensified discussions over the need for a clearer legal framework governing prediction markets.
On June 6, Polymarket announced that its annualized revenue had surpassed $1 billion. The company attributed the growth to strong trading activity related to the FIFA World Cup and the removal of the waitlist for its U.S. application, alongside the expansion of its regulated U.S. exchange.
Earlier, Polymarket sought regulatory approval in the United States to introduce margin trading. If approved, users will be able to open leveraged positions, expanding the platform's product offerings in the regulated U.S. market.
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